1
Alexander A. Popov
Principal Economist
European Central Bank
Sonnemannstrasse 20, Frankfurt 60314, Germany
H
TU
Alexander.Popov@ecb.europa.eu
T
HTU
http://alexanderpopov.org
UTH
+4969 1344 8428
Appointments
European Central Bank, Directorate General Research, Financial Research Division
Principal Economist
2015–
Senior
Economist
2013–2015
Economist
2007–2013
Education
University of Chicago, Department of Economics
PhD in Economics
2002–2007
Dissertation: Financial Development and the Allocation of Capital to Entrepreneurial Talent
Committee members: Gary S. Becker (Chair), Dennis Carlton, Jeremy Fox, Luigi Zingales
University of Chicago, Harris School of Public Policy
MA in Public Policy
2000–2002
University of Sofia, Department of Slavic Studies
MA in Slavic Studies
1994–1999
Publications in Refereed Journals
[19] Do Credit Shocks Affect Labor Demand? Evidence for Employment and Wages during the Financial
Crisis (with Jörg Rocholl), Journal of Financial Intermediation, forthcoming.
[18] Waking Up from the American Dream: On the Experience of Young Americans during the Housing
Boom of the 2000s (with Luc Laeven), Journal of Money, Credit and Banking, 49(5), pp. 861–895,
August 2017 (Lead article).
[17] Sovereign Stress and SMEs’ Access to Finance: Evidence from the ECB’s SAFE Survey (with
Annalisa Ferrando and Gregory F. Udell), Journal of Banking and Finance, 81, pp. 65–80, August
2017.
[16] Gender Bias and Credit Access (with Steven Ongena), Journal of Money, Credit and Banking, 48(8),
pp. 1691–1724, December 2016.
[15] A Lost Generation? Education Decisions and Employment Outcomes during the Housing Boom-Bust
Cycle of the 2000s (with Luc Laeven), American Economic Review Papers & Proceedings, 106(5),
pp. 630–635, May 2016.
2
[14] Monetary Policy, Bank Capital, and Credit Supply: A Role for Discouraged and Informally Rejected
Firms, International Journal of Central Banking, 12(1), pp. 95–141, March 2016.
[13] Exporting Sovereign Stress: Evidence from Syndicated Bank Lending during the Euro Area Sovereign
Debt Crisis (with Neeltje van Horen), Review of Finance, 19(5), pp. 1825–1866, August 2015.
Pagano-Zechner
Prize for the best non-investment paper in the Review of Finance during 2015.
[12] House Prices, Home Equity Borrowing, and Entrepreneurship (with Stefano Corradin), Review of
Financial Studies, 28(8), pp. 2399–2428, August 2015.
[11] Financial Development, Sectoral Reallocation, and Volatility: International Evidence (with Simone
Manganelli), Journal of International Economics, 96(2), pp. 323–337, July 2015.
[10] Venture Capital and Industry Structure: Evidence from Local U.S. Markets, Review of Finance, 18(3),
pp. 1059–1096, July 2014
[9] Credit Constraints, Equity Market Liberalization, and Growth Rate Asymmetry, Journal of
Development Economics, 107(1), pp. 202–214, March 2014
[8] Credit Constraints and Investment in Human Capital: Training Evidence from Emerging Markets ,
Journal of Financial Intermediation, 23(1), pp. 76–100, January 2014
[7] Venture Capital and New Business Creation (with Peter Roosenboom), Journal of Banking &
Finance, 37(12), pp. 4695–4710, December 2013
[6] Financial Dependence, Global Growth Opportunities, and Growth Revisited (with Simone
Manganelli), Economics Letters, 120(1), pp. 123–125, July 2013
[5] ‘When the Cat’s Away the Mice Will Play’: Does Regulation at Home Affect Bank Risk Taking
Abroad? (with Steven Ongena and Gregory F. Udell), Journal of Financial Economics, 108(3), pp.
727–750, June 2013
[4] Venture Capital and Patented Innovation: Evidence from Europe (with Peter Roosenboom), Economic
Policy, 28(71), pp. 447–482, July 2012
[3] Cross-Border Banking, Credit Access, and the Financial Crisis (with Gregory F. Udell), Journal of
International Economics, 87(1), pp. 147–161, May 2012
[2] Interbank Market Integration, Loan Rates, and Firm Leverage (with Steven Ongena), Journal of
Banking & Finance, 35(3), pp. 544–560, March 2011
[1] Who Needs Credit and Who Gets Credit in Eastern Europe? (with Martin Brown, Steven Ongena, and
Pinar Yesin), Economic Policy, 26(65), pp. 93–130, January 2011
Papers under Review
The Invisible Hand of the Government: Moral Suasion during the Sovereign Debt Crisis (with Steven
Ongena and Neeltje Van Horen)
Revision requested by the American Economic Journal: Macroeconomics
On the Link between the Volatility and Skewness of Growth (with Geert Bekaert)
Revision requested by the Economic Journal
Do SMEs Benefit from Unconventional Monetary Policy and How? Micro-Evidence from the
Eurozone (with Annalisa Ferrando and Gregory F. Udell)
Revision requested by the Journal of Money, Credit and Banking
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Credit Market Competition and the Gender Gap: Evidence from Local Labor Markets (with Sonia
Zaharia)
Politics, Banks, and Sub-Sovereign Debt: Unholy Trinity or Divine Coincidence? (with Michael
Koetter)
Work in Progress
Trade Openness and Consumption Risk (with Geert Bekaert)
Credit Shocks, Employment Protection, and Growth: Firm-Level Evidence from Spain (with Luc
Laeven and Peter McAdam)
Debt Overhang and Investment Misallocation: The Role of Credit Markets (with Francesca Barbiero
and Marcin Wolski)
Prudential Supervision and Bank Funding: Evidence from the Implementation of the SSM (with
Francesca Barbiero and Jean-Edouard Colliard)
Financial Development and Industrial Pollution (with Ralph De Haas)
Book Chapters
Evidence on Finance and Economic Growth, in Handbook of Finance and Development, Beck, T.,
Levine, R. (eds.), Edward Edgar Publishing (forthcoming).
Banks’ Love Story with Sovereign Debt: Causes, Consequences, and Policy, in The Future of Large
Internationally Active Banks, Demirguc-Kunt, A., Evanoff, D., Kaufman, G. (eds.), 2017, World
Scientific Publishing.
Financial Markets: Productivity, Procyclicality, and Policy (with Frank Smets), in Financial
Innovation: Too Much or Too Little?, M. Haliassos (ed.), 2013, The MIT Press: Cambridge, MA.
Output Growth Variability: The Role of Financial Markets, in The Role of Central Banks in Financial
Stability, Evanoff, D., Holthausen, C., Kaufman, G. (eds.), 2013, World Scientific Publishing.
Books
Does Private Sector Participation Improve Performance in Electricity and Water Distribution? (with
Katharina Gassner and Natalia Pushak), World Bank Publications, The World Bank, number 6605,
July 2009.
Invited Lectures and Conference Presentations
Seminars and Conference Presentations
2018
University Carlos III (scheduled)
2017
American Finance Association in Chicago, Osnabrück University, Annual Meeting of the Royal
Economic Society in Bristol, Einaudi Institute for Economics and Finance, Development
Economics Workshop in Wageningen, European Economic Association in Lisbon, European
4
Finance Association in Mannheim, Bank of Portugal, University of Zurich, 13
th
Joint ECB/CEPR
Labour Market Workshop.
2016
American Economic Association in San Francisco, RELTIF Workshop at Bocconi University in
Milano, Annual Meeting of the Royal Economic Society in Brighton, Third International
Conference on Sovereign Bond Markets in New York, FIRS Annual Conference in Lisbon, WFA
Annual Meeting in Park City, London School of Economics, World Bank Conference on “Finance
and Development” in Washington, DC.
2015
Riksbank, Joint Vienna Institute, Workshop on “Corporate financing and European investment
financing” in Oxford, National Bank of Serbia, Conference on “Bank performance, financial
stability, and the real economy” in Capri, Bank of Italy, Bank of England, Chicago Fed-World Bank
International Banking Conference in Chicago.
2014
University of Zurich, Tilburg University, Conference on “Bank performance, financial stability, and
the real economy” in Naples, Cass Business School, 4
th
Emerging Markets Finance Conference in
London, European Finance Association in Lugano, Conference on “Investment Finance and the
Recovery” in Lisbon, Conference on “Using Survey Data for Economic Policy Research” in
Vienna, Frankfurt School of Finance & Management, HEC Conference on “Finance and the Real
Economy” in Paris.
2013
American Finance Association in San Diego, 2
nd
MoFiR Workshop on Banking in Ancona, 12
th
Annual Darden International Finance Conference, CERGE-EI, Tilburg University, Conference on
“International capital flows and the global economy” at Cass, Bank of England (2x), Financial
Intermediation Research Society Annual Conference in Dubrovnik, Society for Economic
Dynamics in Seoul, European Finance Association in Cambridge, 4
th
European Conference on
R&D and Innovation in Seville (key note address), Banque de France conference on “Risk taking in
financial institutions, regulation, and the real economy”.
2012
American Economic Association in Chicago, Royal Economic Society in Cambridge, EBRD
Annual Meeting Conference in London, RTF-CEPR-JFI Workshop “Banks – how big is big
enough?” in Basel, Third Entrepreneurial Finance and Innovation Conference in Boston, Czech
National Bank.
2011
American Economic Association in Denver, European Bank for Reconstruction and Development,
De Nederlandsche Bank, 10
th
Annual Darden International Finance Conference, 3
rd
EMG
Conference on Emerging Markets Finance in London, 29
th
SUERF Colloquium in Brussels, Day
Ahead Conference in Stockholm, European Finance Association in Stockholm, C.R.E.D.I.T. in
Venice, University of Illinois at Chicago, Stanford University, Boston University, Chicago
Fed/ECB conference in Chicago.
2010
Bank of Finland, University of Granada, BSCS/CEPR/JFI workshop “Systemic risk and financial
regulation – causes and lessons from the crisis”, NY Fed Conference “Global Dimensions of the
Financial Crisis”, Financial Intermediation Research Society Annual Conference in Florence,
ESSEC Private Equity Second Annual Conference in Paris, Third Searle Symposium “The
Economics and Law of the Entrepreneur” in Chicago, World Congress of the Econometric Society
in Shanghai, European Finance Association in Frankfurt, Financial Management Association in
New York, 4
th
UniCredit Conference in Milano.
2009
Midwest Finance Association in Chicago, Federal Reserve Bank of Chicago, European Central
Bank, University of Regensburg, Financial Management Association European meeting in Torino,
Czech National Bank, European Economic Association in Barcelona, University of St. Gallen, IMF,
Financial Management Association in Reno, Stockholm School of Economics, 22
nd
Australasian
Conference on Banking and Finance.
5
2008
Stockholm School of Economics, European Central Bank, International Finance and Trade
Association in Lisbon, European Finance Association in Athens, 11
P
th
P
Symposium on Finance,
Banking and Insurance in Karlsruhe.
2007
Allied Social Sciences Association in Chicago, University of Chicago, European Central Bank,
Central European University, CERGE-EI, Vlerick Leuven-Ghent Management School, European
Bank for Reconstruction and Development.
Conference Discussions
2016
FIRS Annual Conference in Lisbon
2015
1
st
IWH FIN FIRE Workshop in Halle
2012
Ifo/CESIfo and Bundesbank Conference on “The Banking Sector and the State” in Munich
2011
“Banking and the globalization of finance” conference in Asmterdam, European Finance
Association in Stockholm, CEPR-EBC-HEC-RoF Conference on “Financial Intermediation and the
Real Economy” in Paris
2010
Tilburg University-CEPR conference “Procyclicality and Financial Regulation”, Financial
Intermediation Research Society Annual Conference in Florence
2009
Midwest Finance Association in Chicago, 2
P
nd
P
Swiss Conference on Banking and Financial
Intermediation in Hasliberg, Financial Management Association in Torino, 4
th
BI-CEPR meeting on
“Money, Banking, and Finance”, Financial Management Association annual meeting in Reno, 22
nd
Australasian Conference on Banking and Finance
2008
11
P
th
P
Conference of the ECB-CFS Network in Prague, 11
P
th
P
Symposium on Finance, Banking and
Insurance in Karlsruhe
Professional Activities
Referee
American Economic Review, Economic Inquiry, Economic Policy, IMF Economic Review, Journal
of Banking & Finance, Journal of Economic Dynamics and Control, Journal of Economic Growth, Journal
of Empirical Finance, Journal of the European Economic Association, Journal of Finance, Journal of
Financial and Quantitative Analysis, Journal of Financial Economics, Journal of Financial Intermediation,
Journal of Financial Stability, Journal of International Economics, Journal of International Money and
Finance, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of the Japanese
and International Economies, Review of Finance, Review of Financial Studies.
Conference Organizer
ECB Conference on “The Optimal Size of the Financial Sector”, 2014
CEPR – ECB – Kelley School of Business, Indiana University – RoF Conference on “Small
Business Lending”, 2012
Session organizer at the American Economic Association annual meeting in Chicago, 2012
Second Symposium of the ECB-CFS Network on “Capital Markets and Financial Integration in
Europe”, 2008
11
P
th
P
Conference of the ECB-CFS Network on “The Market for Retail Services: Development,
Integration, and Real Economic Effects”, 2008
6
Professional Committees
45
th
EFA Annual Meeting (Warsaw), 2018
44
th
EFA Annual Meeting (Mannheim), 2017
6
th
MoFIR Workshop on Banking (London), 2017
10
th
Swiss Winter Conference on Financial Intermediation (Lenzerheide), 2017
43
rd
EFA Annual Meeting (Oslo), 2016
5
th
MoFIR Workshop on Banking (Chicago), 2016
7
th
European Banking Center Conference “Financial sector development and the performance of
entrepreneurial firms” (Tilburg), 2015
42
nd
EFA Annual Meeting (Vienna), 2015
Deutsche Bundesbank/Frankfurt School/IWH and CEPR conference "Financial intermediation and
the real economy: One year after European Banking Union take-off".
2
nd
Conference on “Bank performance, financial stability and the real economy” (Capri), 2015
4
th
MoFIR Workshop on Banking (Cobe), 2015
1
st
IWH-FIN-Fire workshop on “Challenges to Financial Stability” (Halle), 2015
3
rd
MoFIR Workshop on Banking (Ancona), 2014
2
nd
MoFIR Workshop on Banking (Ancona), 2013
Midwest Finance Association Annual Meeting (Las Vegas), 2010
Midwest Finance Association Annual Meeting (Chicago), 2009
11
P
th
P
Conference of the ECB-CFS Network on “The Market for Retail Services: Development,
Integration, and Real Economic Effects” (Prague), 2008
PhD Supervision
Christiane Kneer, Tilburg University (IMF)
Prizes
Pagano-Zechner Prize for the best non-investment paper in the Review of Finance during 2015
4
th
Emerging Markets Finance Conference “Best paper”
Financial Management Association 2011 annual meeting, semi-finalist for the “Best paper in financial
institutions and markets”
22
nd
Australasian Conference on Banking and Finance “Best paper in banking”
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Teaching Experience
Tilburg University
Corporate Finance, PhD level, Instructor, 2014
University of Chicago
Econometrics, Undergraduate Level, Instructor, 2007
Econometrics, Undergraduate Level, Teaching Assistant, 2005
Macroeconomics, Graduate Level, Teaching Assistant, 2004–2005
Microeconomics, Graduate Level, Teaching Assistant, 2001-2004
Awards and Honors
Research Grant by the CEPR/Assonime Program on Restarting Long-Term
2015-2016
Investment Finance (RELTIF)
Esther and T.W.Schultz Endowment Dissertation
Fellowship
2006–2007
Unendowed Tuition Scholarship
2002–2006
Institute of Humane Studies Fellowship
2002–2003
Open Society Institute Fellowship
2002–2003
Fulbright
Fellowship
2000–2001
University
of
Sofia
Fellowship
1994–1999
Languages
English, Bulgarian, Russian, Czech – fluent
German, Spanish – good working knowledge
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